According to a research report published by HSBC Research, Bilibili's (09626.HK) balance of payments target remains unchanged. Currently, the priority is to achieve the goal in the third quarter of this year, and how to increase gross margin will be the key. It is expected that the new measures to reduce video innovation program rewards for middle and senior content creators starting in April this year will help increase gross profit margin. HSBC Research is optimistic that Bilibili's advertising business is on the right track by expanding the vertical industry and increasing ad load volume and ad revenue per thousand displays, keeping this year's revenue forecast basically unchanged. The increase in operating costs caused the profit forecast to be lowered by 8% to HK$88.14 to maintain the holding rating.